Top Reasons Why Income Protection Insurance is a Must-Have for Young Professionals

“I’m too young to consider Insurance.” Does this sound like something you’ve said before? It makes sense. What we’ve been taught about Insurance is that if you’re young and healthy, you probably won’t need it. If your employer offers sick leave, their compensation will be sufficient for you. And if you’re a young professional working their way up the ladder, you may even think, I don’t have any assets or significant income to protect. You may not yet, but what about your long-term plans?

These are common misconceptions surrounding the topic of Income Protection Insurance. Here’s the thing: it is highly beneficial for a young professional to explore Income Protection Insurance. The reasons may differ from older individuals seeking a financial safety net, but it is still important to consider how getting protected earlier is beneficial for your future.

And if you’re still not sure, let’s have a look at the top reasons why.

Reason #1: Access to Cheaper and More Flexible Policies

Young professionals are likely to have the option of cheaper Income Protection Insurance as their risk to insurers is lower. As young professionals are generally considered young and healthy, they can protect their livelihoods at a lower premium. They also have the freedom to explore more flexible options that can cover them over a longer period. They can choose a longer benefit period that covers their entire career, even through career and circumstance changes, such as a mortgage or dependents.

Applying as a young individual increases your chances of full coverage with minimal limitations to your Insurance whilst decreasing the likelihood of facing enhanced costs for your Income Protection Insurance cover. If you were under the impression that Income Protection Insurance was costly, now you know it doesn’t have to be. 

Reason #2: Guarantee Financial Independence

Considering Income Protection Insurance as a young individual is an excellent way to achieve financial independence. Many young professionals want to move away from any familial reliance, but lack savings to fall back on as they are in the early stages of their careers. To facilitate the achievement of long-term goals, a backup plan is good for your peace of mind. By getting covered earlier, you can be assured that your income is protected in the event of an illness or injury, so that your career goals and financial stability don’t suffer any repercussions. 

Income Protection Insurance during the early stages of your career is a good way to consider the long-term success of your career plans and expedite your journey, as you don’t need to worry about setbacks. The choices you make today can guarantee you success in the future. Reach out to our team today to find out how.

Reason Number 3#: Cover Your Expenses and Your Lifestyle

Income Insurance Protection typically covers around 70-80% of your income when you’re unable to work. As a young individual, life doesn’t stop. Your lifestyle doesn’t need to be impacted, and neither do you. Through regular monthly payments, you can ensure that you stay updated with your expenses and costs. You can also afford the luxury of investing in assets that you would otherwise be too nervous to commit to. With Income Protection Insurance, you can confidently keep what’s yours. 

By getting covered earlier, you can maintain your lifestyle when you’re unable to work due to unexpected circumstances. It can give you the peace of mind you need whilst you focus on treatment and recovery. For many young individuals, ensuring a quick recovery is necessary for their well-being. Recovery needs to be stress-free. Morgan Insurance Brokers understands the importance of recovery; it doesn’t have to be difficult.

Get Income Protection Insurance With Morgan Insurance Brokers

Our team of experts at Morgan Insurance Brokers are always ready to provide you with reliable and trustworthy advice if you’re not sure how to get started. They can help guide you through your options and suggest which choices may be most beneficial based on your circumstances and goals. You can find out what your Income Protection Insurance can look like today by giving us a call or submitting a request online.

You can protect your today, tomorrow and future with us. 

You don’t need to do this alone. Contact us today.